Member Briefing April 23, 2026

Federal Reserve: Industrial Output Retreats as Factory Production Slips

Industrial production declined 0.5% in March, while manufacturing output ticked down 0.1% after moving up 0.4% in February. At 97.3% of its 2017 average, manufacturing production advanced 0.5% from March 2025. Capacity utilization for manufacturing was 75.3%, down 0.2 percentage points from February but up 1.1% over the past year. Capacity utilization remained 2.9 percentage points below its long-term average from 1972 to 2025. Durable goods manufacturing fell 0.2% in March but increased 1.8% from the year prior. The largest monthly decline occurred in motor vehicles and parts (down 3.7%), while electrical equipment, appliances and components registered the largest gain (up 1.1%). Meanwhile, led by a 2.3% decrease in printing and support output, nondurable manufacturing edged down 0.1% in March and 0.6% from March 2025.

In March, production for most major market groups slowed. Consumer goods production decreased 1.0%, while business equipment output ticked down 0.3%. The contraction in consumer durables (down 1.8%) was led by the output of automotive products falling 2.8%. Meanwhile, the index for consumer nondurables moved down 0.8%, led by a drop in the index for clothing (down 1.0%). Among business equipment, the 2.2% decrease in transit equipment led the decline. At the same time, the index for materials edged down 0.6%, while the index for construction supplies rose 0.4% and the index for business supplies ticked down 0.1%.

Read more at the Federal Reserve

MI Survey: Manufacturers Spent About $32B Training Workers in 2025, Increased Use of Apprenticeships

Manufacturing companies have spent about $32 billion in training and upskilling their employees through internal and external workforce programs, according to a new Manufacturing Institute survey report released on the week of April 15. The investments are an estimated 22% increase from the National Association of Manufacturers’ affiliate’s initial survey conducted in 2019, which reported $26.2 billion.

One of the key findings was the amount of time manufacturers spent training their existing employees, both internally and externally, which increased from 42.9 hours in 2019 to 47.6 hours. The MI survey also found increased investments in technology training programs. Some companies use virtual and augmented reality training to help improve safety, reduce risk and allow employees to use newer technologies which were just coming online in 2019. MI is also seeing a “great uptake” in apprenticeships. Nearly one-third of manufacturers said their companies use apprenticeship programs, according to the survey.  There were 97,500 registered apprentices in the advanced manufacturing industry in 2025, a 20% increase over the past five years, according to Apprenticeship USA.

Read More at Manfuacturing Dive

Retail Spending Is On The Rise, What's Keeping The U.S. Consumer Going?

News of the war in Iran didn’t seem to keep consumers from spending last month. Retail sales in March were up 1.7% from February and up 4% compared to a year ago. The uptick is some of the latest evidence of consumer resilience, but there are a few signs of strain starting to show. There’s one thing to keep in mind about the strong sales numbers in March, said Rick Miller of Big Chalk Analytics. “Retail spending numbers are how much money consumers spent on stuff, not how much stuff they got,” Miller said.

The more than 15% jump in spending at gas stations isn’t because everyone splurged on a weekend road trip. But even when you strip out volatile spending on gas and car parts, retail sales still rose 0.6% from the month before. Some of that is thanks to big tax refunds, said Jessica Ramírez, co-founder of consumer insights and retail strategy firm The Consumer Collective. But people are also taking on more debt in order to keep spending. Perhaps the biggest reason people are still spending though, is the labor market, said Craig Rowley of Korn Ferry. “Unemployment's still in the 4% category, which historically is not high,” Rowley said. He said that’s a number to watch if you want to know where consumer spending could go in the future.

Read more at Marketplace

Iran and the Middle East

• Mediators Push to Get Iran, U.S. Back Into Negotiations Friday – WSJ
• US Intercepts Three Iranian Oil Tankers In Asian Waters, Sources Say - Reuters
• Iran Says It Has Seized Two Ships In Strait Of Hormuz After U.S. Extends Ceasefire - CNBC
• Iran Says Strait Of Hormuz Cannot Be Opened Due To Ceasefire Breaches - BBC
• UK divers prepare for mine-clearing operations in Strait of Hormuz - Politico
• In Gaza, First Local Vote In Years Offers Gauge Of Hamas Popularity - Reuters
• Interactive Map – US and Israeli Attack in Iran – ArcGIS Story Maps
• Map – Conflicts in the Middle East – Live Universal Awareness Map

Ukraine

• Hungary Drops Veto, Clearing Path For $106 Billion EU Loan To Ukraine – CBS
• Russia To Block Kazakh Oil Flows To Germany Via Key Pipeline - DW
• Ukraine's Reliance On Nuclear Power Increases During War - Reuters
• Less America, More Europe In Germany’s New Military Strategy - Politico
• Leader Of Russia's Communists Warns Parliament Of Risk Of Revolution Due To Faltering Economy - Reuters
• Interactive Map: Assessed Control Of Terrain In Ukraine – Institute For The Study Of War
• Map – Tracking Russia’s Invasion Of Ukraine – Live Universal Awareness Map

Other World Headlines

• Magyar Wants To Put The Austro-Hungarian Empire Back On The Map – Politico
• The Great Unblocking? EU Foreign Ministers Eye Sweeping Changes As Orbán Exits - Politico
• These Nations Are Best Equipped To Survive AI-Powered Cybercrime, According To New Report – HR Executive
• China Warships to Hold Pacific Drills as Japan Tensions Rise - Bloomberg
• After Historic $7B Australia-Japan Warship Deal, New Zealand Shows Interest in Upgraded Mogami-Class Frigates? – Eurasian Times
• Britain’s Royals Remember Queen Elizabeth II On What Would Have Been Her 100th Birthday - CNN
• Trump Weighs Consequences For NATO Allies On 'Naughty' List - Politico
• Why Gasoline Is So Much Cheaper in the U.S. Than Overseas - WSJ
• How The EU’s Mega Energy Crisis Plan Will — And Won’t — Help – Politico

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New Yorkers Could See Auto Rates Decline In One Year If Proposal Becomes Law: Hochul

Almost three weeks past the state budget’s April 1 deadline, Gov. Kathy Hochul dug her heels on her proposal to change the state’s auto insurance system, which she argued will make it cheaper for New York drivers. She said she’s not ready to call it a deal until she gets her way on changes she’s proposed to New York’s auto insurance system. “What we expect will happen is that we start removing some of the unique aspects of New York, which is liability laws that end up with enormous jackpot payouts in court that you don’t see in other cases. I mean, that’s a huge driver. Plus, the laws on fraud need to be tightened up. I want stricter penalty. I want more aggressive enforcement,” she said when asked about her plan.

Hochul’s proposal has drawn sharp criticism from some members of the legislature, who are skeptical of promises that it will lower rates and provide adequate coverage for drivers. “If we do these changes, then people will indeed see a reduction in the insurance that they’re going to pay,” said Democratic state Sen. Majority Leader Andrea Stewart-Cousins during a separate news conference at the State Capitol Building on Tuesday. “We want to see changes in the way our DFS operates; we want to see changes in the way car insurance companies operate,” she added.

Read more at NY1

Senate GOP Unveils $70B Immigration Reconciliation Plan To Circumvent Democrats In Bid To End DHS Shutdown

GOP leaders in the House and Senate will use a complex budgetary maneuver to pass the controversial immigration funding without Democratic votes. After months of failing to resolve the DHS shutdown, Republicans are now planning to reopen the government without the contentious Immigration and Customs Enforcement and border patrol funding that Democrats have refused to back. The new proposed funding would ensure the agencies are funded through the remainder of President Donald Trump’s term — eliminating the need to negotiate with Democrats, who could take back control of at least one chamber after November’s elections.

They unveiled the first step of that process — the text of a Senate budget resolution — Tuesday morning. That tees up a Senate vote on the measure later this week. If successful, the House plans to take it up quickly after. But it’s not a guaranteed win. Passing legislation in this manner, known as reconciliation, is an arduous process, requiring the cooperation of nearly every Republican in both chambers to proceed. And Republicans are under pressure to move quickly: House Speaker Mike Johnson signaled Tuesday that he would not pass any partial DHS funding package until it is clear that ICE and border patrol will not be left unfunded.

Read More at CNN

As Community Colleges And Union Apprenticeships Fill Up, More Students Are Turning To Pricier Training Options For Blue-Collar Careers

More young Americans are turning to trade school to pursue in-demand jobs like plumbing and electrical work but encountering something they didn’t expect: hefty price tags.  Demand for training in blue-collar fields is booming as skepticism over the value of a college degree grows. On social media, videos touting the virtues of blue-collar careers are racking up views and spawning hashtags like #nodebtneeded. But as free and low-cost routes like community colleges and union apprenticeships fill up, more students are turning to more costly private options, where tuition can run into the tens of thousands of dollars.

A nine-month cosmetology program in New Jersey, for instance, costs $17,000 while a 14-month aircraft maintenance program in Florida costs $40,000, according to a college affordability list maintained by the Education Department. Community colleges and union programs offer cheaper and often free training for people pursuing a skilled trade. Many, though, are swamped: In Philadelphia earlier this year, for example, the local steamfitter’s union apprenticeship program received 609 applications for just 85 slots.

Read more at the WSJ

More Policy and Politics Headlines

• Deportations Haven’t Meaningfully Lifted Wages For Americans, Nor Have They Caused Widespread Disruptions To The Labor Market – WSJ
• $4.7 Billion to Be Invested into Amtrak’s Northeast Corridor - Railway News
• Pete Hegseth Fires Navy Secretary John Phelan - WSJ
• Anti Data Center ‘Energy Hog’ Bus Tour Stops In Hudson Valley – Mid-Hudson News
• Trump Administration Nearing Rescue Deal for Spirit Airlines - WSJ
• Reorganization, Other Changes Loom For NWS – The Hill
• Dol Unveils Joint Employer Rule Proposal – Law 360
• Republicans Are Worried the Redistricting Fight Is Backfiring - WSJ
• Cinco De Mayo Parade In Chicago’s Little Village Canceled Again Over Immigration Concerns – The Hill
• Wind, solar energy support slips: Survey – The Hill

The Biggest Breakthrough In Pancreatic Cancer In Decades

For decades, a genetic mutation found in nearly 90 percent of pancreatic cancer tumors was considered impossible to target with drugs. Now, after successful rounds of clinical trials, researchers are closing in on a drug that targets the mutation, offering a rare chance to extend survival in one of the deadliest cancers. Earlier this month, a phase 3 clinical trial— the second-to-last stage of drug testing—found that a medicine called daraxonrasib, designed to target the genetic mutation, may nearly double survival outcomes in patients with pancreatic cancer when combined with chemotherapy.

The affected gene, called KRAS, helps regulate cell growth. But when it mutates, cells “just keep dividing and growing and dividing until it practically snuffs out the life of the patient. Since that breakthrough, doctors and drug manufacturers have been racing to create a medication that could incorporate the findings and specifically attack KRAS in pancreatic cancer. The first KRAS-inhibiting drug was approved by the FDA in 2021 for lung cancer, but it wasn’t potent enough to treat pancreatic cancer. Daraxonrasib, a once daily oral medication, could usher in a new generation of drugs, this time, ones that are strong enough to treat pancreatic cancer, which is more sensitive to KRAS signals and requires more complete blockage than lung cancer.

Read more at National Geographic

Upcoming Council Programs

Events

Manufacturing Champions Award Breakfast and Workforce Developers Expo - Thursday May 7, 2026 -7:45 - 10:00 AM. West Hills Country Club, Middletown.

Networks

TODAY! HR Sub Council Meeting Topic TBD, April 23, 2026, 8:15 - 11:00 AM. Location Ulster BOCES Career Academy, iPark 87, Kingston.

Insight Exchange - On Demand Webinars

CMMC for Legacy Equipment: Securing Specialized Assets with Zero Trust Micro-Enclaves - Presented by Marc Hoover, Trout Software.

See previous episodes here!

Training

Certificate in Manufacturing Leadership Program Spring Session, In Person at iPark 87 in Kingston. Supervisor Training Program for Hudson Valley Manufacturers. 7 Courses (8 full day sessions) April 29 - July 15.

Trade Wars

• Tariff War, Post-SCOTUS Update – The Big Picture
• China Weathered Trump's Tariffs - But The Iran War Is Taking A Toll - BBC
• $166 Billion In Tariff Refunds Just Became Available, But Small Businesses May Already Be At A Disadvantage - Fortune
• The Tariff Refund Process Has Begun For Businesses. What About Customers? - NPR

Defense Contractors Need at Least a Year to Scale Munitions Production, Official Says

Major U.S. defense contractors that supply high-end munitions will need a year to two years before they are able to produce at a higher rate and volume, a top U.S. military official said, as concerns grow among lawmakers over how quickly the U.S. could replenish munitions that have been rapidly used up in the Middle East. Asked in a congressional hearing about the time needed for big U.S. defense suppliers, such as Lockheed Martin and RTX’s Raytheon, to increase production of “exquisite” munitions, Adm. Samuel Paparo said: “I think it will take one to two years for them to scale. It won't be soon enough.” Exquisite munitions include Tomahawk and Patriot missiles.

While the U.S. defense industry is working to beef up its manufacturing capabilities as it faces a chronic munitions shortage, defense contractors are grappling with supply chain constraints. They also require time to build manufacturing facilities and hire workers. Paparo said that the military also needs to work with non-traditional defense contractors on new munitions like hypersonics, low-cost cruise missiles and a variety of drones and unmanned systems.

Read more at The WSJ

Anheuser-Busch Commits $600M To US Manufacturing, Training

Anheuser-Busch is increasing its U.S. investment to $600 million over two years, expanding brewery capacity, worker training and veteran hiring as the beer giant leans further into domestic manufacturing. "Anheuser‑Busch is doubling down on investing in our U.S. operations because we see strong, long-term growth opportunities right here at home," Anheuser-Busch CEO Brendan Whitworth exclusively told Fox News Digital. "When we invest in our U.S. operations and expand training for our people and opportunities for our veterans, we strengthen communities and drive real economic prosperity."

The company said the expansion will increase manufacturing capacity and invest in workforce development through 15 new training centers and veteran programs. The move aligns with broader industry and government efforts to boost domestic production and rebuild the manufacturing workforce. Anheuser-Busch will spend the $600 million over two years focusing on brewery upgrades, technology and production capacity. The initiative aims to upskill 90% of its manufacturing workforce over five years, training employees in digital systems, mechanical and electrical skills, and management systems. The Wednesday announcement expands upon a $300 million investment announced in 2025.

Read More at Fox Business

AI Data Center Boom Supercharges GE Vernova Earnings

GE Vernova crushed earnings views for the first quarter early Wednesday while revenue also topped. First quarter revenue jumped 16% to $9.34 billion, exceeding expectations of $9.11 billion. GE Vernova now expects full-year revenue of $44.5 billion to $45.5 billion, up slightly from $44 billion to $45 billion. The company also increased its free cash flow forecast to $6.5 billion-$7.5 billion, up from $5 billion-$5.5 billion.

Gas turbines have emerged as one of the hottest segments in the industrial market over the past year, driven largely by surging power demand from AI data centers. Reshoring manufacturing is further amplifying electricity demand. Energy-intensive operations like semiconductor fabs and battery plants require reliable energy sources. GE Vernova sits directly at the intersection of these trends. The company has been dubbed the "supermarket" for the electric power industry, offering everything from natural gas turbines for generating electricity to power plant and grid modernization services.

Read more at Yahoo Finance

Northrop To Invest $2.5B To Hasten B-21 Production

Northrop Grumman will invest $2.5 billion of its own cash to accelerate production of the B-21 stealth bomber, with $200 million in investments slated to be executed this year, its chief executive said today. The Air Force and Northrop in February finalized an agreement to increase the B-21 production rate by 25 percent, but CEO Kathy Warden’s comments on a financial earnings call today mark the first time the company has revealed what it plans to spend in order hit the ambitious goal.

The bulk of the $2.5 billion will go toward facilities and most of the funding will be spent during the 2027 to 2029 timeframe, Warden said. Northrop now estimates it will spend $1.85 billion this year on capital expenditures, Warden said. Neither the Air Force nor Northrop have laid out whether the new deal will drive down the cost per B-21, which currently hovers around $700 million per copy. However Warden said today that “the deal improves the economics for the program for the government and Northrop Grumman.”

Read more at Breaking Defense

Boeing Narrows Loss As Aircraft Deliveries Rise, Says It Expects New 737 Max Certifications This Year

Boeing reported a smaller-than-expected loss for the first quarter, with improvements across its businesses, including its key commercial aircraft unit, as the manufacturer tries to stem years of losses. Sales rose 14% to $22.22 billion in the first three months of the year. The company narrowed its net loss in the first quarter to $7 million, or 11 cents a share, from a loss of $31 million, or 16 cents a share, a year earlier. Adjusting for one-time items, Boeing posted a loss of 20 cents a share. Boeing said it still expects certification of the long-delayed 737 Max 7 and Max 10, the smallest and largest of the bestselling.

Boeing’s commercial aircraft unit handed over 143 airplanes in the first quarter, up 10% from a year earlier. The unit, Boeing’s largest, posted revenue $9.2 billion, up 13%, though it still posted a loss from operations. The company’s defense business revenue rose 21% to $7.6 billion, and its services business revenue increased 6% from 2025, to $5.37 billion in the first quarter.

Read more at CNBC

IBM Tops Quarterly Estimates On Hybrid Cloud Growth

IBM's revenue growth slowed in the first quarter on sluggishness in its software business, fanning fears of disruption from artificial ‌intelligence tools.  Big Blue's revenue increased 9% in the first quarter to $15.92 billion, slower than ‌the 12.2% growth in the ⁠previous quarter, even as it surpassed analysts' average estimate of $15.62 billion, according to data compiled by LSEG. IBM's software segment, anchored by its ⁠high-margin hybrid cloud unit Red Hat, and a suite of AI tools under the Watsonx brand, also posted slower revenue growth of 11.3%.

Growth in the company’s infrastructure segment remained strong, helped by continued adoption of its latest mainframe systems. Revenue in the segment, which includes mainframe computers, grew 15.2% to $3.33 billion in the quarter. IBM mainframes are secure, high-performance servers ‌that process millions of daily transactions for major ​banks, airlines and retailers. Analysts have said IBM's deep ​customer ties and AI offerings, such ​as Watson Code Assistant, a coding modernization tool for the ‌mainframe, could help it against rival AI ​tools.

Read more at Yahoo Finance

Tesla's Robotaxi Miles 'Nearly Double,' Supercharger Network Grows 19%, And The Largest Chip Plant Ever — 5 Key Updates From Tesla's Earnings Release

in its earnings presentation, the company offered a slew of key updates across its manufacturing, autonomous driving, AI, and energy initiatives. Here are some of the highlights:

• Robotaxi miles ‘nearly doubled’ from the prior quarter - “In Q1, paid Robotaxi miles nearly doubled sequentially. Once in production, we expect that Cybercab will begin to replace the existing Model Y fleet and will be the largest volume vehicle in the fleet over time.
• Tesla and SpaceX plan to build the largest chip plant ever - Coinciding with Robotaxi and Optimus ramps, we are expanding our scope of manufacturing to include semiconductor fabrication, an important step to ensure sufficient and resilient chip supply.
• ‘Hey Grok’ and Pet Mode come to your Tesla - In April, we began rolling out the Spring Update which includes a new in-vehicle Self-Driving App (AI4 vehicles) – users can subscribe to FSD (Supervised)1, learn how to use the feature and view ongoing stats. Customers can launch Grok by saying “Hey Grok,” and set location-based reminders. Pet Mode allows users to name their pet and choose between dog, cat, or hedgehog
• Subscription Full Self-Driving - We began moving FSD (Supervised) to subscription-only. Adoption (attachment to new purchases) and penetration (total users among the eligible fleet) both continued to grow, with record net new subscriptions in Q1.
• Tesla’s Supercharger network grew 19% in the first quarter - Alongside the ramp of Tesla Semi, we are deploying public Megachargers, including our first one in Southern California. In Q1, we added over 2,200 net new Supercharging stalls, growing the network 19% year-over-year. This year we look to increase our presence in Japan by doubling our service centers and expanding our Supercharger coverage in the world's third largest vehicle market.

Read more at Yahoo Finance

Pratt Commits Over $100M for Engine MRO

Pratt & Whitney outlined more than $100 million in capital improvements at three maintenance, repair and overhaul (MRO) centers for its GTF engines. The investments aim to expand the operations in Texas, Florida, and Arkansas, including installing new equipment, to improve the speed and efficiency of the MRO process for those commercial jet engines. The civil and military aircraft engine developer has not revealed the schedule for the projects, some of which are apparently completed or underway.

Pratt’s geared engines (GTF) engines were introduced more than 20 years ago to improve fuel efficiency on narrow-body twin-engine commercial jets. The design allows the engine fan and low-pressure turbine to operate at optimal speeds. There are reportedly about 2,700 GTF engines in service. These engines have a history of maintenance issues, some of which have been traced to defective powdered material in the manufacturing process, and other premature component wear issues. The scope of the problems has resulted in extended repair and replacement schedules. Currently, Pratt & Whitney is preparing to implement an upgrade option to a redesigned version of the engine, the GTF Advantage. Airlines operating current-model GTF engines may realize up to 90-95% of the GTF Advantage's durability benefits with the GTF Hot Section Plus (HS+) upgrade option, according to the developer.

Read more at American Machinist

EU Clears Pratt’s New Jet Engine

Pratt & Whitney gained the European Aviation Safety Agency’s certification for its new GTF Advantage™ engines, clearing those power units for service on Airbus A320neo series aircraft. The engine developer has already started deliveries of the new engines to its customer. "The GTF engine delivers the lowest fuel consumption for single-aisle aircraft," stated Pratt’s Rick Deurloo, president of Commercial Engines. "The GTF Advantage engine extends that lead - offering up to double the time on wing and enhancing aircraft capability - providing even greater value to operators of A320neo family aircraft.”

The Federal Aviation Administration certified the GTF Advantage engine in February 2025. Other regulatory agencies typically follow the approvals issued by FAA and EASA, such as the Civil Aviation Administration of China (CAAC), Brazil’s National Civil Aviation Agency (ANAC), and Transport Canada. According to Pratt & Whitney, the GTF Advantage test program incorporated extensive endurance testing, “more than twice the amount of testing compared to the current GTF engine.” It conducted more than 100,000 hours of engine and rig testing across all GTF programs, and drew on an estimated 38 million flight hours of in-service operation

Read more at American Machinist

Daily Market Update April 22, 2026

The May ’26 natural gas contract is trading down $0.03 at $2.73. The June ‘26 crude oil contract is down $1.25 at $90.92. 

Read more at NRG

Learn more about the Council of Industry Energy Buying Group

Quote of the Day

“Our doubts are traitors,

and make us lose the good we oft might win,

by fearing to attempt.”

William Shakespeare - English playwrite from his play 'Measure for Measure.' He was born on this day in 1564.

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